Flood insurance requirements are based on FEMA flood maps, and it's up to FEMA (and the local water management departments) to determine if and how the maps are to be changed.We had some major flooding in my area back in 2009 and the results were that some of the flooded areas got reclassified into flood zones that required insurance and some did not.

Does it make sense to put money away for major future expenses when the property is recently rehabbed and won't need major repair while we own it?

It's the only way I'll truly learn this business.My day job is working in the default resolution dept for a major bank.

Ask about current market value of a fixer and about major improvements to your replacement property and how they affect value.

Go after private or hard money loans where the majority of the approval is based on the property itself.

It ended up costing an extra $600 in very small repairs that I know if they caused them they would have argued as normal wear and tear.Moving forward I decided to only address the major or noticeable items but keep tabs on the small stuff and remain flexible when they moved out.

Update: Went in to bank #2 with a general analysis providing details on what's important to them: rents, taxes, major repairs.

As Education Chair, we're resonsible for three or four major, two-day seminars on laws, practices, responsibilities and business models for hmls.

IN NYC and many other major metro markets with super high prices you are not buying for cashflow.

Which I'm pretty sure they will barring any major national/international catastrophes.